The Investment Company Act of 1940 recognizes banks,insurance companies,savings and loans,and finance companies as investment companies.

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The Investment Company Act of 1940 defines an investment company as an entity: a)that is engaged primarily in the business of investing,reinvesting,or trading in securities or b)that is engaged in such business and in which more than forty percent of the company's assets are investment securities.The act excludes a number of institutions,however,including banks,insurance companies,savings and loans,and finance companies

The Investment Company Act of 1940 Recognizes Banks,insurance Companies,savings and Loans,and